Bitwise Rebrand Its XRP ETP, Ripple Immediately Announce Their Investment Into The ‘GXRP’ Offering
Ripple has announced an investment in GXRP. Meanwhile, Bitwise rebranded its XRP ETP amid Brad Garlinghouse’s optimism about XRP ETF launches.
Bitwise Asset Management has rebranded its European XRP ETP (exchange-traded product) as ‘Bitwise Physical XRP ETP (GXRP).’
The firm has stated that the renaming is part of a broader strategy to strengthen its foothold in the crypto investment. The product represents a renewed commitment to XRP as a key investment vehicle.
BitwiseInvest rebrands $XRP ETP to "Bitwise Physical XRP ETP"
In a game-changing move, @Ripple announces its investment in the product. pic.twitter.com/ujoMEJErFv— Zeea (@ZeaRudra) November 27, 2024
Bitwise Rebrands Its Offering to Physical XRP ETP, Signalling Confidence In The Future Of Ripple
The rebranding of its XRP offering marks a significant milestone for Bitwise. Earlier this year the asset manager ventured into the European market after acquiring ETC Group, a regional crypto ETP issuer.
Its GXRP ETP is 100% physically backed and regulated by Germany’s financial authority and offers European investors regulated exposure to the native token of the Ripple blockchain.
This move comes as Ripple immediately announced an investment into the GXRP product. Ripple is literally putting its money where its mouth is.
Ripple CEO Brad Garlinghouse spoke on the firm’s investment. “XRP is at the forefront of momentum as a utility-driven digital asset,” he said.
Garlinghouse also predicted that regulatory clarity in the US would spur a spike in crypto-backed offerings. Despite public, longstanding legal issues, Ripple has been committed to driving mass adoption of its XRP token.
Ripple’s XRP Ledger (XRPL) is used for cross-border remittances, tokenization, and institutional DeFi applications.
XRP is currently the 6th largest digital asset by market cap, just behind BNB. Per CoinGecko, the token is trading for around $1.43, with a market cap over $80 billion.
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🚨NEW: Global ETF provider @WisdomTreeFunds has registered in the state of Delaware for an $XRP ETF. I have confirmed with the company this is a legitimate filing.
Wisdom Tree has over $100 billion in assets under management. pic.twitter.com/BXutcLIW3x
— Eleanor Terrett (@EleanorTerrett) November 25, 2024
Bitwise’s belief in XRP extends beyond Europe. Last month, the firm revised its US XRP ETF filing following its initial application at the beginning of October.
The XRP ETF submission from Bitwise kicked off a snowball effect, which has seen competitors such as Canary Capital and, most recently, WisdomTree also submit their own applications.
Looking at the success of Bitcoin ETFs, which went live at the beginning of 2024, Brad Garlinghouse recently expressed optimism about XRP ETFs becoming a reality. He stated that approval of the submissions is “inevitable.”
“We clearly see that ETFs are popular. In January, the United States SEC was dragged, kicking and screaming, to approve the Bitcoin ETF. $17 billion has flowed into the fastest-growing ETF in history. It clearly demonstrates that there’s demand from institutions and retail to access the asset class,” Garlinghouse said.
Donald Trump’s election earlier this month has many experts believing that the US will move to become a more pro-crypto regulatory environment. Analysts suggest Trump’s victory has reignited optimism for crypto ETFs, which is backed up by the recent submissions of XRP and Solana ETFs.
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